MySize MYSZ Stock News

My Size Inc (NASDAQ: MYSZ) is running for the top in the market this morning, trading on gains of more than 27% so far this morning. The gains come after the company announced that it has entered into a new license agreement. Here’s the scoop:

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MYSZ Stock Heads Up On License Agreement

My Size issued a press release this morning, announcing that it had entered into a new license agreement. The agreement was signed with Penti, surrounding the company’s MySizeID smart measurement solution.

Penti is taking several steps to become a global brand. In fact, MYZS said that the company currently has 550 retail stores in more than 35 countries. Moreover, Penti is backed by one of the world’s largest investment firms, Carlyle Group.

In a statement, Mert Karaibrahimo─člu, CEO at Penti, had the following to offer:

As Turkey’s leading multi-category retail fashion underwear brand, with a customer-centric approach, we have made an addition to our investments in order to meet the expectations of women by personalizing the shopping experience with MySizeID. MySizeID will help our customers, both in our stores and online, to buy the right product with confidence and also reduce returns. The application allows you to accurately measure your bra size and now consumers can easily find the right fit for themselves and save time without having to try the bras on in the fitting room.

The above statement was folowed up by Ronen Luzon, CEO at MYSZ. Here’s what he had to say:

The addition of Penti to our roster of major retailers and manufacturers further illustrates the traction we are gaining in the marketplace. Adoption rates for the MySizeID measurement solution are accelerating due to the overwhelming need for a turnkey solution that helps consumers choose their appropriate size and fit both online and in store.

Why This News Is So Exciting

At the end of the day, this isn’t your run of the mil press release. The news surrounding Penti’s adoption of MySize technologies is big for multiple reasons.

  • First and foremost, as consumers around the world continue to shift from brick and mortar purchases to online purchases, retailers must conform to the digital needs of consumers. Penti is quickly becoming a very large retailer, and its digital transformation through the use of MYSZ technologies serves to validate the work that MySize is doing.
  • Moreover, while the finances of this deal have not been released, it is likely that MYSZ will earn a commission on each sale made using its measuring technology. There is also the possibility that an upfront license fee was paid. As such, the agreement will likely bolster the company’s revenue.
  • Finally, as more large brands continue to validate the company’s technology by adopting it, others are likely to follow. Hence, the accelerating customer adoption rate mentioned by the company’s CEO.

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